SOLUTION: Consider a $100 investment earning 12% compounded quarterly. How long will it take to triple your money? Round your answer to the nearest tenth of a year.

Question 716511: Consider a $100 investment earning 12% compounded quarterly. How long will it take to triple your money? Round your answer to the nearest tenth of a year.
Found 2 solutions by DrBeeee, lovingmath00:
Answer by DrBeeee(684) (Show Source): You can put this solution on YOUR website!
Basic equation is
(1) B = P*(1 + 0.12/4)^(4*t)
Since you want to triple P = $100, you want
(2) (1.03)^(4*t) = 3
Take the ln of each side and get
(3) (4*t)*(ln(1.03) = ln(3) or
(4) 4*t = ln(3)/ln(1.03) or
(5) 4*t = 37.16701 or
(6) t = 9.29175
Answer: It will take 9.3 years to triple your investment.
Answer by lovingmath00(2) (Show Source): You can put this solution on YOUR website!
Find the Time,
Since its says that it will tripe your money so. 100(3)=$300
to find how long it will take to tripe it. This is the formula

t=9.2918 years
To find the exact date,
t=.2918(12)
=3.5016
Answer:
t= 9 years and 4 months.

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